Providential Holdings Subsidiary Awarded Permit to Begin Major Development Project in Vietnam
LOS ANGELES, CA and HANOI, VIETNAM--(Marketwire - December 20, 2007) - Providential Holdings,
Inc. (OTCBB: PRVH), a company that provides advisory, merger and
acquisition services as well as independently investing in Vietnamese
economic opportunities, today announced its wholly owned subsidiary PhiLand
Corporation has set up PhiLand Vietnam, Ltd. in Quang Nam Province and
received a permit to begin development of a luxury tourist facility,
Pointe91, in the Chu Lai Open Economic Zone in Vietnam.
Pointe91 is slated to become a seaside gated community that will feature a
luxury boutique hotel, private residences and a country club. The 57-acre
development represents an investment of $35 million and is expected to
begin construction in June 2008. Pointe91 is exempt from income taxes for
the first four years and for the next nine years PhiLand Vietnam's income
tax rate will be half of the regular 10% rate of the Chu Lai Economic Zone.
Construction materials for the Pointe91 project are exempt from Vietnamese
PhiLand Corporation Project Director Robert Buceta said, "We believe that
Pointe91, as well as the larger South Hoi An project, will prove to be a
popular destination for Vietnamese residents as well as foreign tourists.
The South Hoi An project puts Providential Holdings at the forefront of
coastal Vietnam's real estate market with plans to develop approximately
8,000 acres of waterfront property there. We look forward to moving ahead
with our other projects in South Hoi An, which include luxury hotels,
entertainment and recreation facilities, universities and residential
About South Hoi An
Named as one of Vietnam's four World Heritage sites, Hoi An is a quiet
riverside resort dotted with temples, shrines and Chinese style tile-roofed
wooden houses girding a long narrow road. With its compelling architecture
and history as one of Vietnam's most important international seaport towns,
Hoi An is rapidly becoming a popular tourist destination.
The coastal areas of the central province of Quang Nam have already
attracted the attention of both investors and authorities. Since 2004,
these tourist areas have been developing strongly, registering over 166
projects with a total capital of over $1.6 billion. For more information
about PhiLand and the South Hoi An Project, please visit
About Providential Holdings, Inc.
Providential Holdings and its subsidiaries engage in a number of diverse
business activities, the most important of which are M&A advisory services
and investing in the rapidly growing economies of Vietnam and Asia. For
more information on Providential Holdings, visit http://www.phiglobal.com.
As part of its activities in Vietnam, Providential has been hosting
seminars in conjunction with the Nasdaq Stock Market, the Vietnamese
Chamber of Commerce and Industry and a leading U.S. investment banking
firm, to help Vietnamese companies go public and raise capital through the
U.S. financial markets.
A profile for investors can be accessed at
For investor relations questions regarding Providential, contact Frank
Hawkins or Antonella Montagna, Hawk Associates, at 305-451-1888, e-mail:
firstname.lastname@example.org, or visit http://www.americanmicrocaps.com or
http://www.hawkassociates.com. To sign up for free e-mail notification of
future releases, visit http://www.hawkassociates.com/email.aspx.
Safe Harbor: This news release contains forward-looking statements that are
subject to certain risks and uncertainties that may cause actual results to
differ materially from those projected on the basis of such forward-looking
statements. Such forward-looking statements are made based upon
management's beliefs, as well as assumptions made by, and information
currently available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.
Contact Information: Investor Relations Contact:
Hawk Associates, Inc.
Antonella Montagna and Frank Hawkins
17011 Beach Boulevard, Suite 1230
Huntington Beach, CA 92647